The Philippine Amusement and Gaming Corporation (Pagcor) announced Monday that it signed a 25-year lease agreement with San Miguel Corp. (SMC) unit, SMC Infrastructure, for the 15-hectare Nayong Pilipino Property on Dec. 12.
In a statement, Pagcor said 13 hectares of the property will be allocated for the development of infrastructure and facilities complementing the rehabilitation program for the Ninoy Aquino International Airport (NAIA), which is being undertaken by SMC through the New NAIA Infra Corp. (NNIC).
SMC Infra also agreed to build Pagcor’s new corporate office building on the 2-hectare land parcel. The project will cost PHP2.45 billion.
“It will be fully financed and built by SMC at no cost to Pagcor,” Pagcor chairman and chief executive officer Alejandro Tengco said.
“This project will be more than just a structure. It reflects PAGCOR’s commitment to creating a world-class work environment for its employees; a reflection of our identity, core values and aspirations,” Tengco added.
The Pagcor chief also said the government will earn from the rental of the 13-hectare property to SMC Infrastructure and additional revenues from renting out unused portions of the new corporate office.
During the signing, SMC chairman Ramon Ang turned over PHP100 million to Pagcor for advance rentals and security deposits.
“Our goal is to maximize the potential of this property for the public’s benefit. The new PAGCOR headquarters will be a key part of this plan, providing a modern space to support their crucial role in funding government programs that uplift the lives of many Filipinos,” Tengco said. (PNA)
